By Adriano Marchese
Rogers Communications Inc. on Thursday reported a fall in fourth-quarter profit, while revenue and adjusted earnings beat analyst expectations.
The Canadian communications and media company said earnings per share were 80 Canadian cents, the equivalent of 63 U.S. cents, down from C$0.89 in the comparable quarter a year ago.
Net income was C$405 million, compared with C$449 million a year ago.
Adjusted earnings were C$0.96 a share. According to FactSet, analysts were expecting C$0.95 a share.
Revenue in the period rose to C$3.92 billion from C$3.68 billion. Analysts expected revenue of C$3.86 billion.
"This is a critical year for Rogers and the changes we are making to drive a renewed focus on execution, along with strategic investments in our networks and customer experience, should help drive long-term growth and increase shareholder value," President and Chief Executive Tony Staffieri.
Mr. Staffieri was appointed to the position on a permanent basis on Jan. 10. after he was named interim CEO in November.
The company said it generated C$1.15 billion in cash flow from operating activities in the quarter, and looking ahead to the full year, it expects growth to continue.
Full year total service revenue is expected to rise between 4% and 6%, with free cash flow expected to be between C$1.8 billion and C$2 billion, compared with C$1.67 billion in 2021.
Rogers declared a quarterly dividend of C$0.50 a share.
Write to Adriano Marchese at firstname.lastname@example.org
(END) Dow Jones Newswires